ESTADO DE SITUACIÓN FINANCIERA

ACTIVO 2007 2008 2009 2010

ACTIVO CORRIENTE
Efectivo y Equivalente de efectivo S/. 562,878 S/. 56,129 S/. 288,103 S/. 340,857
Cuentas por cobrar comerciales (neto) S/. 275,654 S/. 18,014 S/. 286,379 S/. 461,066
Otras Cuentas por cobrar (neto) S/. 34,242 S/. 74,342 S/. 36,975 S/. 36,811
Existencias (neto) S/. 183,330 S/. 205,532 S/. 197,884 S/. 192,177
Gastos pagados por anticipado S/. 24,490 S/. 22,986 S/. 13,753 S/. 16,902
TOTAL ACTIVO CORRIENTE S/. 1,080,594 S/. 377,003 S/. 823,094 S/. 1,047,813
ACTIVO NO CORRIENTE
Inversiones Financieras S/. 95 S/. 95 S/. 7 S/. 11,952
Inmuebles maquinarias y equipos (neto) S/. 1,330,978 S/. 1,532,834 S/. 1,706,747 S/. 1,847,546
Activos Intangibles (neto) S/. 22,758 S/. 29,910 S/. 52,476 S/. 54,113
Activo por Impuesto a la Renta y PD S/. 12,139 S/. 10,345 S/. 48 S/. 8,909
Otros Activos S/. 160 S/. 48 S/. 43 S/. 92
TOTAL ACTIVO NO CORRIENTE S/. 1,366,130 S/. 1,573,232 S/. 1,759,321 S/. 1,922,612
TOTAL ACTIVO S/. 2,446,724 S/. 1,950,235 S/. 2,582,415 S/. 2,970,425
PASIVO
PASIVO CORRIENTE
Obligaciones Financieras S/. 10,000 S/. 10,000 S/. 10,000 S/. 10,000
Cuentas Por Pagar Comerciales S/. 74,135 S/. 113,057 S/. 117,382 S/. 140,097
Otras Cuentas Por Pagar a PR (neto) S/. 2,975 S/. 8,925 S/. 70,022 S/. 82,723
Impuesto a la Renta y PC S/. 0 S/. 0 S/. 141,980 S/. 151,900
Otras cuentas por Pagar S/. 278,454 S/. 161,710 S/. 52,165 S/. 70,027
Provisiones S/. 0 S/. 0 S/. 0 S/. 122,799
TOTAL PASIVO CORRIENTE S/. 365,564 S/. 293,692 S/. 391,549 S/. 577,546
PASIVO NO CORRIENTE
Obligaciones Financieras S/. 50,000 S/. 40,000 S/. 30,000 S/. 20,000
Cuentas Por Pagar a partes Relacionadas S/. 205,560 S/. 205,560 S/. 205,560 S/. 205,560
Pasivo por Impuestos a la Renta y PD S/. 14,956 S/. 1,625 S/. 20,758 S/. 0
Provisiones S/. 6,768 S/. 18,007 S/. 48,925 S/. 49,241
TOTAL PASIVO NO CORRIENTE S/. 277,284 S/. 265,192 S/. 305,243 S/. 274,801
TOTAL PASIVO S/. 642,848 S/. 558,884 S/. 696,792 S/. 852,347
PATRIMONIO NETO
Capital S/. 80,947 S/. 164,778 S/. 888,954 S/. 741,571
 Acciones de inversión S/. 51,847 S/. 51,847 S/. 51,847 S/. 51,847
Capital Adicional S/. 61,972 S/. 61,972 S/. 61,972 S/. 61,972
Otras Reservas S/. 245,000 S/. 245,000 S/. 245,000 S/. 245,000
Utilidades retenidas S/. 1,364,110 S/. 1,067,754 S/. 637,850 S/. 1,084,712
Diferencias de Conversión S/. 0 -S/. 200,000 S/. 0 -S/. 67,024
TOTAL PATRIMONIO NETO S/. 1,803,876 S/. 1,391,351 S/. 1,885,623 S/. 2,118,078
TOTAL PASIVO Y PATRIMONIO NETO S/. 2,446,724 S/. 1,950,235 S/. 2,582,415 S/. 2,970,425

ESTADO DE RESULTADOS
2007 2008 2009 2010
Ventas Netas S/. 3,187,355 S/. 2,711,468 S/. 2,223,338 S/. 3,153,534
Costos de Ventas -S/. 815,532 -S/. 930,793 -S/. 1,018,131 -S/. 1,194,765
UTILIDAD BRUTA S/. 2,371,823 S/. 1,780,675 S/. 1,205,207 S/. 1,958,769
Gastos de Ventas -S/. 67,437 -S/. 54,192 -S/. 53,831 -S/. 43,452
Gastos de Administración -S/. 37,331 -S/. 38,251 -S/. 44,236 -S/. 50,456
Otros Ingresos S/. 45,100 S/. 185,567 S/. 10,128 S/. 9,019
Otros Gastos -S/. 157,003 -S/. 265,543 -S/. 82,994 -S/. 104,860
UTILIDAD OPERATIVA S/. 2,155,152 S/. 1,608,256 S/. 1,034,274 S/. 1,769,020
Ingresos Financieros S/. 20,667 S/. 14,225 S/. 935 S/. 2,120
Gastos Financieros -S/. 16,028 -S/. 19,433 -S/. 19,412 -S/. 45,733
Ganancia (pérdidas) por IF Derivados S/. 5,463 S/. 91,800 -S/. 3,336 -S/. 3,642
RESULTADOS ANTES DE PARTICIPACIONES Y DEL IR
S/. 2,165,254 S/. 1,694,848 S/. 1,012,461 S/. 1,721,765
Participaciones de los trabajadores -S/. 216,525 -S/. 169,485 -S/. 101,246 -S/. 172,177
Impuesto a la Renta -S/. 584,619 -S/. 457,609 -S/. 273,364 -S/. 464,877
UTILIDAD (PÉRDIDA) NETA DEL EJERCICIO S/. 1,364,110 S/. 1,067,754 S/. 637,850 S/. 1,084,712

RATIOS DE LIQUIDEZ 2010 2009

Capital de trabajo CT
CT S/. 470,267.00 CT S/. 431,545.00 CT
1 CT = AC - PC AC S/. 1,047,813 AC S/. 823,094 AC
AC: Activo Corriente PC S/. 577,546 PC S/. 391,549 PC
PC: Pasivo Corriente. Se expresa en soles.
 Razón corriente o de liquidez RC.
RC 1.81 RC 2.10 RC
2 RC = AC / PC AC S/. 1,047,813 AC S/. 823,094 AC
AC: Activo Corriente PC S/. 577,546 PC S/. 391,549 PC
PC: Pasivo Corriente. Se expresa en un valor.
Se acepta entre 1,4 a 1,8.
Prueba ácida PA
PA = (AC - X) / PC PA 1.48 PA 1.60 PA
AC: Activo Corriente AC S/. 1,047,813 AC S/. 823,094 AC
3 PC: Pasivo Corriente X S/. 192,177 X S/. 197,884 X
X: Inventarios o existencias. PC S/. 577,546 PC S/. 391,549 PC
Se expresa en cantidad o valor.
Se expresa en porcentaje. Se acepta entre 1,2
a 1,4.

Ratio Efectivo a Activo Corriente EAC

EAC = E / AC EAC 0.33 EAC 0.35 EAC

4
E S/. 340,857 E S/. 288,103 E
E: efectivo AC S/. 1,047,813 AC S/. 823,094 AC
AC: Activo Corriente. Se expresa en: Veces

Rotación de Cuentas por Cobrar RCC

RCC 7.68 RCC 10.70 RCC

RCC = VN / PCCn, además VN S/. 3,153,534 VN S/. 2,223,338 VN
PCCn S/. 410,616 PCCn S/. 207,855 PCCn
PCCn = (CCi + CCf) / 2
5 RCC: Rotación de las cuentas por cobrar. CCi S/. 323,354 Final del 2009 CCi S/. 92,356
Final del 2008 CCi
VN: Ventas netas CCf S/. 497,877 Final del 2010 CCf S/. 323,354
Final del 2009 CCf
PCCn: Promedio de las cuentas por cobrar
netas.
 CCi: Cuentas por cobrar netas al inicio de año

CCf: Cuentas por cobrar netas al inicio de año

Período Promedio de Cuentas por

Cobrar PPCC.
PPCC 47.53 dias PPCC 34.12 dias PPCC
6
PPCC= 365 / RCC, RCC 7.68 RCC 10.70 RCC
RCC: Rotación de las cuentas por cobrar.

Rotación de Inventarios RX
RX= CV / Xp RX 6.13 RX 5.05 RX
CV S/. 1,194,765 CV S/. 1,018,131 CV
Xp = (Xi + Xf)/2 Xp S/. 195,031 Xp S/. 201,708 Xp
7
CV: Costo de Ventas. Xi S/. 197,884 Xi S/. 205,532 Xi
Xp: promedio de inventarios. Xf S/. 192,177 Xf S/. 197,884 Xf
Xi: Inventario al inicio del año.
Xf: Inventario al inicio del año.
Período Promedio de
Inmovilizaciones PPI
8 PPI= 365 / RX PPI 59.58 dias PPI 72.31 dias PPI
RX S/. 6.13 RX S/. 5.05 RX
RX: Rotación de Inventario
Rotación de Activos RA
RA= VN / ATp RA 1.14 RA 0.98 RA
VN S/. 3,153,534 VN S/. 2,223,338 VN
ATp = (ATi + ATf)/2 Atp S/. 2,776,420 Atp S/. 2,266,325 Atp
9
VN: Ventas netas Ati S/. 2,582,415 2009 Ati S/. 1,950,235 2009 Ati
ATp: Activos Totales Promedios. Atf S/. 2,970,425 2010 Atf S/. 2,582,415 2010 Atf
ATi: Activos Totales al inicio del período.
ATf: Activos Totales al finalizar el período.
 RATIOS DE SOLVENCIA
Apalancamiento financiero AF1
AF1 0.29 AF1 0.27 AF1
AF1 = PT / AT PT S/. 852,347 PT S/. 696,792 PT
10
AT S/. 2,970,425 AT S/. 2,582,415 AT
PT: Pasivos totales
AT: Activos totales.
Activo a capital en acciones
Ordinarias AF2

AF2 = AT / CAo AF2 4.01 AF2 2.91 AF2

11 AT S/. 2,970,425 AT S/. 2,582,415 AT
AT: Activo Total Cao S/. 741,571 Cao S/. 888,954 Cao
CAo: capital en acciones ordinarias

Estructura de capital EC

EC = PT / PN EC 0.40 EC 0.37 EC
12 PT S/. 852,347 PT S/. 696,792 PT
PT: Pasivo Total PN S/. 2,118,078 PN S/. 1,885,623 PN
PN: patrimonio neto total.

Pasivo Total a Capital Propio PCP

PCP = PT / FP
Además: PCP 1.00 PCP 0.69 PCP
PT S/. 852,347 PT S/. 696,792 PT
FP = C + Ai + Ca FP S/. 855,390 FP S/. 1,002,773 FP
13
13 PT: Pasivo Total C S/. 741,571 C S/. 888,954 C
FP: Capital propio o fondo propio Ai S/. 51,847 Ai S/. 51,847 Ai
C: Capital Ca S/. 61,972 Ca S/. 61,972 Ca
Ai: Acciones de Inversión
Ca: capital Adicional

Deuda a largo plazo sobre capital

propio DLPCP
DLPCP = PLP / FP DLPCP 0.32 DLPCP 0.30 DLPCP
14 PLP S/. 274,801 PLP S/. 305,243 PLP
PLP: Pasivo a largo plazo FP S/. 855,390 FP S/. 1,002,773 FP
FP: Capital propio o fondo propio

Índice estructural IE

IE = PN / AT
IE 0.71 IE 0.73 IE
15 PN: patrimonio neto total PN S/. 2,118,078 PN S/. 1,885,623 PN
AT: Activos totales AT S/. 2,970,425 AT S/. 2,582,415 AT

Razón de Cobertura de Intereses RCI.

RCI 38.68 RCI 53.28 RCI

RCI = UO / GI UO S/. 1,769,020 UO S/. 1,034,274 UO
16
GI S/. 45,733 GI S/. 19,412 GI
UO: Utilidad Operativa.
GI: pago por Intereses o gastos Financieros
 RATIOS DE RENTABILIDAD
Rentabilidad de Activos ROA

ROA = UN / AT ROA 0.37 ROA 0.25 ROA

17 UN S/. 1,084,712 UN S/. 637,850 UN
UN: Utilidad Neta. AT S/. 2,970,425 AT S/. 2,582,415 AT
AT: Activos totales

Rendimiento de capital ROE

ROE = UN / PN ROE 0.51 ROE 0.34 ROE

UN S/. 1,084,712 UN S/. 637,850 UN
18 UN: Utilidad Neta. PN S/. 2,118,078 PN S/. 1,885,623 PN
PN: Patrimonio Neto.

Utilidad por Acción EPS

EPS = (UN – Dp) / Ac EPS 2.50 EPS 1.22 EPS
Además: UN S/. 1,084,712 UN S/. 637,850 UN
Ac = CAc / VAc Dp S/. 344,555 Dp S/. 276,650 Dp
Ac S/. 295,500DATO DIRECTO Ac S/. 295,500
DATO DIRECTO Ac
19 UN: Utilidad Neta CAc CAc CAc
Dp: Pago de dividendos preferentes. VAc VAc VAc
Ac: Número de Acciones Comunes u Ordinarias
CAc: capital de Acciones Comunes u Ordinarias
(promedios)
 VAc: valor de las Acciones Comunes u
Ordinarias.

Margen de utilidad operativa MUO

MUO = UO / VN MUO 0.56 MUO 0.47 MUO

UO: Utilidad Operativa. UO S/. 1,769,020 UO S/. 1,034,274 UO
20
VN: Ventas Netas VN S/. 3,153,534 VN S/. 2,223,338 VN

Margen de utilidad Neta MUN.

MUN 0.34 MUN 0.29 MUN
MUN = UN / VN UN S/. 1,084,712 UN S/. 637,850 UN
21
UN: Utilidad Neta. VN S/. 3,153,534 VN S/. 2,223,338 VN
VN: Ventas Netas.

Precio sobre utilidades PER

PER = PMa / UNa PER S/.2.04 PER S/.2.78 PER

22 PMa S/. 5.10 PMa S/. 3.40 PMa
PMa: Precio de Mercado de la Acción. UNa 2.50 EPS UNa 1.22 EPS UNa
UNa. Utilidad Neta por Acción o EPS.

Precio sobre Valor Contable

PVC
 PVC = PMa / VCa PVC S/. 1.90 PVC S/. 1.42 PVC
23 PMa S/. 5.10 PMa S/. 3.40 PMa
PMa: Precio de Mercado de la Acción VCa S/. 2.68 VCa S/. 2.39 VCa
VCa: Valor Contable de la Acción. PN S/. 2,118,078.00 PN S/. 1,885,623.00 PN
TOTAL ACCIONES S/. 790,000.00 TOTAL ACCIONES S/. 790,000.00 TOTAL ACCIONES

Precio sobre Flujo de caja PFC

PFC = PMa / FCa PFC PFC PFC

24
PMa: Precio de Mercado de la Acción. PMa S/. 5.10 PMa S/. 3.40 PMa
FCa: Flujo de caja por Acción. FCa FCa FCa
FC FC FC
TOTAL ACCIONES S/. 790,000.00 TOTAL ACCIONES S/. 790,000.00 TOTAL ACCIONES
Ratio Precio sobre Ventas PV
PV PV PV
25
PV = PMa / VNa PMa S/. 5.10 PMa S/. 3.40 PMa
PMa: Precio de Mercado de la Acción. VNa VNa VNa
VNa: Ventas Netas por Acción.

Precio sobre EBITDA (PEBI).

PEBI = PMa / EBITDAa PEBI PEBI PEBI

26
PMa PMa PMa
PMa: Precio de Mercado de la Acción EBITDAa EBITDAa EBITDAa
EBITDAa: valor del EBITDA o utilidad operativa
por acción.
 2007 2008 2009 2010
S/. 295,500 S/. 295,500 S/. 295,500 S/. 295,500
S/. 243,000 S/. 243,000 S/. 243,000 S/. 243,000
S/. 230,200 S/. 230,200 S/. 251,500 S/. 251,500
S/. 768,700 S/. 768,700 S/. 790,000 S/. 790,000

2007 2008 2009 2010

S/. 1.40 S/. 1.22 S/. 1.10 S/. 1.37
S/. 0.90 S/. 0.82 S/. 0.75 S/. 0.97
S/. 1.40 S/. 1.22 S/. 1.10 S/. 1.37

2007 2008 2009 2010

S/. 413,700 S/. 360,510 S/. 325,050 S/. 404,835
S/. 218,700 S/. 199,260 S/. 182,250 S/. 235,710
S/. 322,280 S/. 280,844 S/. 276,650 S/. 344,555
S/. 954,680 S/. 840,614 S/. 783,950 S/. 985,100

2007 2008 2009 2010

S/. 180,884,561 S/. 180,884,561 S/. 173,840,975 S/. 173,840,975
S/. 51,847,000 S/. 51,847,000 S/. 51,847,000 S/. 51,847,000
S/. 140,912,439 S/. 140,912,439 S/. 147,956,025 S/. 147,956,025
S/. 373,644,000 S/. 373,644,000 S/. 373,644,000 S/. 373,644,000

2007 2008 2009 2010

S/. 7.77 S/. 3.10 S/. 3.40 S/. 5.10
S/. 3.10 S/. 1.05 S/. 1.39 S/. 2.17
 2008 2007

S/. 83,311.00 CT S/. 715,030.00

S/. 377,003 AC S/. 1,080,594
S/. 293,692 PC S/. 365,564
 1.28 RC 2.96
S/. 377,003 AC S/. 1,080,594
S/. 293,692 PC S/. 365,564

0.58 PA 2.45
S/. 377,003 AC S/. 1,080,594
S/. 205,532 X S/. 183,330
S/. 293,692 PC S/. 365,564

0.15 EAC 0.52

S/. 56,129 E S/. 562,878
S/. 377,003 AC S/. 1,080,594

13.48 RCC 20.57

S/. 2,711,468 VN S/. 3,187,355
S/. 201,126 PCCn S/. 154,948

S/. 309,896 Final del 2007 CCi S/. 0 Final del 2009
S/. 92,356 Final del 2008 CCf S/. 309,896 Final del 2010
 27.07 dias PPCC 17.74 dias
13.48 RCC 20.57

4.79 RX 8.90
S/. 930,793 CV S/. 815,532
S/. 194,431 Xp S/. 91,665
S/. 183,330 Xi S/. 0
S/. 205,532 Xf S/. 183,330

76.24 dias PPI 41.03 dias

S/. 4.79 RX S/. 8.90

1.23 RA 0.00
S/. 2,711,468 VN S/. 0
S/. 2,198,480 Atp S/. 3,187,355
S/. 2,446,724 2009 Ati S/. 0 2009
S/. 1,950,235 2010 Atf S/. 2,446,724 2010
0.29 AF1 0.26
S/. 558,884 PT S/. 642,848
S/. 1,950,235 AT S/. 2,446,724

11.84 AF2 30.23

S/. 1,950,235 AT S/. 2,446,724
S/. 164,778 Cao S/. 80,947

0.40 EC 0.36
S/. 558,884 PT S/. 642,848
S/. 1,391,351 PN S/. 1,803,876

2.01 PCP 3.30

S/. 558,884 PT S/. 642,848
S/. 278,597 FP S/. 194,766
 S/. 164,778 C S/. 80,947
S/. 51,847 Ai S/. 51,847
S/. 61,972 Ca S/. 61,972

0.95 DLPCP 1.42

S/. 265,192 PLP S/. 277,284
S/. 278,597 FP S/. 194,766

0.71 IE 0.74
S/. 1,391,351 PN S/. 1,803,876
S/. 1,950,235 AT S/. 2,446,724

82.76 RCI 134.46

S/. 1,608,256 UO S/. 2,155,152
S/. 19,433 GI S/. 16,028
0.55 ROA 0.56
S/. 1,067,754 UN S/. 1,364,110
S/. 1,950,235 AT S/. 2,446,724

0.77 ROE 0.76

S/. 1,067,754 UN S/. 1,364,110
S/. 1,391,351 PN S/. 1,803,876

2.66 EPS 3.53

S/. 1,067,754 UN S/. 1,364,110
S/. 280,844 Dp S/. 322,280
S/. 295,500DATO DIRECTO Ac S/. 295,500 DATO DIRECTO
CAc
VAc
 0.59 MUO 0.68
S/. 1,608,256 UO S/. 2,155,152
S/. 2,711,468 VN S/. 3,187,355

0.39 MUN 0.43

S/. 1,067,754 UN S/. 1,364,110
S/. 2,711,468 VN S/. 3,187,355

S/.1.16 PER S/.2.20

S/. 3.10 PMa S/. 7.77
2.66 EPS UNa 3.53 EPS
 S/. 1.71 PVC S/. 3.31
S/. 3.10 PMa S/. 7.77
S/. 1.81 VCa S/. 2.35
S/. 1,391,351.00 PN S/. 1,803,876.00
S/. 768,700.00 TOTAL ACCIONES S/. 768,700.00

PFC
S/. 3.10 PMa S/. 7.77
FCa
FC
S/. 768,700.00 TOTAL ACCIONES S/. 768,700.00

PV
S/. 3.10 PMa S/. 7.77
VNa

PEBI
PMa
EBITDAa